Republican Rep. Tom Price of Georgia has decided not to seek a top leadership position in the House after Majority Leader Eric Cantor's decision to step down, saying he wants to focus on serving as the next chairman of the budget committee.

Price said in a statement Thursday he was humbled by encouragement from colleagues, adding he's "ready to serve in whatever capacity might best help unify our team, promote our conservative principles and, above all, pursue positive solutions on behalf of our constituents."

Price was among those believed to be weighing a bid for a top spot after Cantor lost his re-election bid in this week's Virginia primary. Cantor's defeat has triggered a scramble among Republicans vying for his position, with leadership elections set for June 19.

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